Ginnie Mae issuers are being asked to review 2,360 loans and remove them from Ginnie-guaranteed pools if they have "buydown" features that reduce the homebuyer's monthly payments during the early years of the mortgage.Issuers of Ginnie Mae mortgage-backed securities are not permitted to include buydown loans in pools guaranteed by the government agency. "If the loans are buydowns, Ginnie Mae will require issuers to substitute eligible mortgages or buy them out of the pools," the agency said. As part of a quality control review, Ginnie Mae discovered that 2,360 loans in 1,693 Ginnie-guaranteed securities include loans that may have buydown features. "This review is driven by our desire to make sure the information we disclose about the loans backing our securities is 100% accurate, now and in the future," said Ginnie director Steven Ledbetter, who is in charge of securities policy and research. Ginnie Mae can be found online at www.ginniemae.gov.
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New guidelines regarding buy-side and sell-side real estate agent compensation are set to go into effect this summer.
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Affordability challenges also have some aspiring homeowners taking second jobs or looking to draw from retirement savings, according to Redfin.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
March 28